Townsville caravan park a prime site for development
A Popular Townsville caravan park is understood to be reeling in interest from developers, with the potential for it to become the site of the city’s next big residential complex.
Secura Lifestyle Townsville Lakes Caravan Park was offered to the market this week and fringes Townsville’s CBD with water frontage.
In 2014 the site was approved for 226 apartments in five detached four to six-level towers; however, the approval expired in 2017.
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Associate director at Colliers International Townsville, Neville Smith, who is marketing the site in Currajong, said its combination of location and size made it ideal for redevelopment.
“Inquiries have been overwhelming,” Mr Smith said.
“The site offers a multitude of alternative uses but its highest and best use is as a redevelopment site.
“Over 2ha in such a proximity to the city just cannot be found.”
Colliers International Townsville associate director Angelo Castorina, who is also marketing the property, said the site had been getting plenty of attention from developers and caravan park operators looking to take over the existing business.
“The main groups showing interest are traditional developers and caravan park operators,” Mr Castorina said.
“The current owners of the park had it approved for development at a time when the market was in a bit of a downturn … The fact that they even got approval at that time shows the council could see the opportunity there.”
Spanning 2.6ha, the property is part of The Lakes Commercial Precinct and is surrounded by Castletown Shopping Centre and several food outlets.
The previously approved residential development was dubbed Hugh Street Apartments, with its conceptual plans designed to take advantage of the irregular shaped allotment while maximising the lake frontage. Propertology head of research Simon Pressley said the market for development in Townsville was “as good as it had been” in more than a decade.
“Generally speaking, the outlook for Townsville’s economy and broader market property right now is as good as it has ever been since way back in 2007,” Mr Pressley said. “A number of large job-creating projects will transform the region.
“Property developers in the Townsville region would be licking their lips when they look at the economic development potential on the horizon.”
The site at 196 Woolcock St in Currajong adjoins Mercure Townsville Hotel, MacDonald’s, Zarraffa’s and Red Rooster along with Taco Bell, which is currently under construction.
The Herron Todd White August report detailed buyer activity in Townsville’s residential market as being location and amenity focused.
“Location is one of the main fundamentals for buyers in the current market, with suburbs closer to the city centre or those offering superior features by way of services and facilities,” the report said.